End of an era: Mt. Shasta Title & Escrow Co. purchases Siskiyou County Title Co.

Monday

Jan 14, 2013 at 10:02 AMJan 14, 2013 at 10:13 AM

Ami Ridling

After 108 years of operation, Siskiyou County Title Co. recently closed its doors after Mt. Shasta Title & Escrow Co. purchased all the assets of the corporation including its name and title plant. “I think the community will be in good hands with Mt. Shasta Title,” said David Collier, a real estate and probate trust attorney who ran Siskiyou County Title Co. with his wife Li. The Colliers maintained ownership of the corporation, and they own the former Siskiyou County Title Co. office. Collier said he will lease the office space.Bill Overman, who serves on the Mt. Shasta Title & Escrow Co. board of directors and is its retired president and chief executive officer, said the two entities began discussions about the purchase several years ago when the housing market burst.“We, as a board, started looking into this. We came to the conclusion that Siskiyou County could not support two title companies in the present market or in the foreseeable future,” said Overman. Collier added, “We also realized that if we wanted Siskiyou County Title Company to remain an independent title operation, there needed to be one merged entity. We wanted to have a local operation in control of it in Siskiyou County rather than a corporate outsider.” When the two entities reached their final agreement, they had to receive approval from the California Department of Insurance. On Dec. 30, 2012, Mt. Shasta Title & Escrow Co. received approval notification, and the transaction was completed the following day.Four Siskiyou County Title Co. employees were given severance packages while four positions were successfully transferred to Mt. Shasta Title & Escrow Co., said Collier. “Seeing our employees go was really, really hard because they were just absolutely fabulous,” Collier commented. He added that some of those employees who received severance packages had been with him for over 10 years. “We understand that this was a very difficult process for David, but we felt it was imperative because you cannot continue in business without being profitable,” said Overman. He added that Siskiyou County Title Co. is a historic institution in the county, and it has had a long-term reputation of offering good service and involvement in the community. He said Mt. Shasta Title & Escrow Co. aims to continue that. “My wife and I have felt privileged to work with our customers and employees in Siskiyou County,” said Collier. Collier represents the fourth generation of Colliers to operate Siskiyou County Title Co., an organization first established by his great grandfather B.K. Collier in 1904. “We are very proud to be able to make this acquisition,” commented Overman. “Siskiyou County Title Company has an impeccable reputation, and we are delighted that we were able to reach an agreement.”